Wells Taps WySTAR, OmniDBEN as RK Platforms

March 17, 2009 (PLANSPONSOR.com) - Wells Fargo has
selected WySTAR to be the defined contribution recordkeeping
system and OmniDBEN as the defined benefit administration
system for its institutional clients.

A Wells Fargo news release said migration to these
systems is expected to be complete in the second half of
2010.

“We feel very good about the thoughtful
approach we’ve taken to select the recordkeeping
platform,” said Laurie Nordquist, director of Wells
Fargo Institutional Retirement, in the news release.
“Our teams have spent two months analyzing the
merits of both legacy systems, and while each performed
very well for our clients, we believe this choice is the
right one for the future of our combined
business.”

“The Wells Fargo Institutional Retirement
business has a tremendous opportunity. We are a much
bigger than either legacy firm was six months ago, and
our size affords us the opportunity to invest and enhance
our systems at a time when most of our competitors are
cutting back,” added Joe Ready, director of Wells
Fargo Institutional Retirement.